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Morecambe Bay report: failures of care may have led to deaths, says investigation chairman - videohttp://www.theguardian.com/society/video/2015/mar/03/morecambe-bay-report-failures-of-care-may-have-lead-deaths-video
Dr Bill Kirkup, chairman of the investigation into Furness general hospital in Barrow, concludes that failures of care may have led to the deaths of three mothers and sixteen babies. The Morecambe Bay investigation was set up by the health secretary, Jeremy Hunt, in 2013 to examine concerns over what appeared to be a spate of unnecessary deaths within what became the University Hospitals of Morecambe Bay NHS foundation trust (UHMBT) <a href="http://www.theguardian.com/society/video/2015/mar/03/morecambe-bay-report-failures-of-care-may-have-lead-deaths-video">Continue reading...</a>Morecambe Bay reportHospitalsNHSHealthRegulatorsCare Quality Commission (CQC)UK newsSocietyBusinessTue, 03 Mar 2015 18:25:00 GMThttp://www.theguardian.com/society/video/2015/mar/03/morecambe-bay-report-failures-of-care-may-have-lead-deaths-videoguardian.co.uk140x84 trailpic for BabiesGuardian Staff2015-03-03T18:25:00ZEurozone break-up fears hit two-year high - as it happenedhttp://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates
<p>Rolling economic and financial news, as a new survey finds that investors are more concerned about Greece leaving the eurozone</p><ul><li><a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f5a068e4b0fceb6de334d4">Summary: More investors expect Greece to leave eurozone </a></li><li><a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f58fe5e4b08eca43fda44f">Bank of England’s Carney and Habgood at TSC</a></li><li><a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f5871fe4b0fceb6de334a2">Greek reform bills could be delayed</a></li><li><a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f575f5e4b039cbdb960bf9">Stunning German retail sales figures</a><br></li></ul><p class="block-time published-time"> <time datetime="2015-03-03T18:21:45.244Z">6.21pm <span class="timezone">GMT</span></time> </p><p><strong>And finally (probably), the Syriza party has released an 8-page statement saying draft legislation regarding the re-opening of the state TV channel ERT will be put to parliament on March 5th. No dates were given for other reforms.</strong></p><p> As we reported this morning, sources reckon some bills will be held back until after Monday night’s eurogroup....</p><p class="block-time published-time"> <time datetime="2015-03-03T18:19:37.437Z">6.19pm <span class="timezone">GMT</span></time> </p><p>Greece’s Mega TV on its flagship evening news programme is now reporting that euro group officials have suggested the money needed to cover the looming IMF loan (€1.5bn) could be forthcoming if Greece comes up with “convincing reforms” at next Monday’s meeting.</p><p>Ie, reforms that could take immediate effect such as a privatization of some kind or the announcement of new taxes (<strong>Helena</strong> adds)</p><p class="block-time published-time"> <time datetime="2015-03-03T18:17:25.892Z">6.17pm <span class="timezone">GMT</span></time> </p><p><strong>Over in Athens Greece’s Labour Minister has announced that the €751 minimum wage will be re-instated in installments, with the first being delivered this year.</strong></p><p>Previously, Skourletis had said the minimum wage would be re-introduced sometime in 2016 - so the news is likely to be well greeted, says <strong>Helena Smith</strong>, our correspondent, who adds:</p><p>The former Syriza party spokesman told BHMA FM radio station that collective work agreements - a major demand of unions - would also be brought back. Both were central to the radical left party’s pre-election campaign program. </p><p class="block-time published-time"> <time datetime="2015-03-03T17:35:31.920Z">5.35pm <span class="timezone">GMT</span></time> </p><p>Meanwhile.....</p><p><a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> playing up its geopolitical status: &quot;we could have a bridge role between Europe and Russia,&quot; says Greek foreign min</p><p class="block-time published-time"> <time datetime="2015-03-03T17:33:44.633Z">5.33pm <span class="timezone">GMT</span></time> </p><p><strong>The Greek public, on balance, back the stance taken by their government in the bailout talks -- particularly finance minister Yanis Varoufakis.</strong></p><p>That’s according to a poll for Star TV tonight:</p><p><a href="https://twitter.com/hashtag/MRB?src=hash">#MRB</a> poll: 70.4 pct have positive view of handling by FinMin <a href="https://twitter.com/hashtag/Varoufakis?src=hash">#Varoufakis</a> <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a></p><p>MRB poll for Star TV Would you have liked govt to take tougher stance in talks even if it led to euro exit? No 59.8 Yes 38.4 <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a></p><p><a href="https://twitter.com/hashtag/MRB?src=hash">#MRB</a> poll: 52.2 pct against gov't taking a tougher stance if it were to lead to capital controls <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a></p><p class="block-time published-time"> <time datetime="2015-03-03T16:21:33.235Z">4.21pm <span class="timezone">GMT</span></time> </p><p>The blue-chip FTSE 100 index is down 40-odd points, or 0.7%, in late trading:</p><p>FTSE soggy -46 @ 6894 - Barclays -3.25%, Direct Line -0.7%, Travis Perkins -4%, Moneysupermarket -10%, Pace +8%, Ashtead -1%, Glencore -3%</p><p class="block-time published-time"> <time datetime="2015-03-03T16:12:38.251Z">4.12pm <span class="timezone">GMT</span></time> </p><p>Barclays may also have to put banking scandals behind it before trying to persuade customers to pay for current accounts.</p><p>As Japer Lawler of CMC Markets reminds us, this morning’s results were tainted by mistakes of the past:</p><p>Shares in Barclays dropped after the bank reported an annual net loss having put aside an extra &pound;750m for FX rigging fines and &pound;200m for insurance mis-selling. </p><p>Excluding exceptional costs Barclays turned a profit but the underlying business cannot come to the fore with no end in sight for litigation.</p><p class="block-time published-time"> <time datetime="2015-03-03T16:03:15.859Z">4.03pm <span class="timezone">GMT</span></time> </p><p>Successful prosecution of former Morrison Treasurer Paul Coyle by FCA for insider dealing is first time for a former FTSE100 exec</p><p class="block-time published-time"> <time datetime="2015-03-03T16:01:38.359Z">4.01pm <span class="timezone">GMT</span></time> </p><p>Chief executive of <a href="https://twitter.com/Barclays">@Barclays</a> tells <a href="https://twitter.com/itvnews">@itvnews</a> he wants end to &quot;free&quot; current accounts in interests of transparency. <a href="http://t.co/PKGD326BFw">http://t.co/PKGD326BFw</a></p><p class="block-time published-time"> <time datetime="2015-03-03T15:59:52.173Z">3.59pm <span class="timezone">GMT</span></time> </p><p><strong>Legal news. The former Group Treasurer and Head of Tax at Wm Morrison Supermarkets plc, has been jailed for 12 months for insider dealing.</strong></p><p>Paul Coyle, who today pleaded guilty to 2 counts of insider dealing, was also ordered to pay &pound;15,000 towards prosecution costs and a Confiscation Order in the sum of &pound;203,234.</p><p>Between 24 January and 17 May 2013 Coyle, through his role at Morrisons, was regularly privy to confidential price sensitive information about Morrison’s ongoing talks regarding a proposed joint venture with Ocado Group plc.</p><p>Coyle took advantage of this information by trading in Ocado shares between 12 February and 17 May 2013 using two online accounts which were in the name of his partner.</p><p class="block-time published-time"> <time datetime="2015-03-03T15:56:28.732Z">3.56pm <span class="timezone">GMT</span></time> </p><p><strong>Back in the UK, the boss of Barclays has suggested that the era of free current accounts should end.</strong></p><p>Antony Jenkins made the comments in an interview with ITV News’s business editor Joel Hills, after Barclays reported its result this morning.</p><p>Well as you know there is going to be a big investigation into the current account market. I have always believed, since this was first introduced in the 80’s, that not having a price point, if you like, around the current account, was probably not helpful for consumers because it’s very hard to make a judgement about something when there’s no price attached to it. So broadly speaking, I think having a bank account that there is a price point for is a positive. Now there already are bank accounts that have that quality to them, but it’s not across the whole system and I think...</p><p>I do think that that would be a step forward, yes. It’s difficult to achieve of course because the banks can’t do that, it would probably have to be regulated or legislated.</p><p>Well because we’re not allowed to work together on matters like this, for good reason.</p><p>That’s the other problem, if one of us moved to a charging model it would be likely that we’d lose a lot of business because people would go to the free model.</p><p class="block-time published-time"> <time datetime="2015-03-03T14:21:13.083Z">2.21pm <span class="timezone">GMT</span></time> </p><p><strong>Stephen Lewis, chief economist at ADM Investor Services, isn’t surprised that <a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f5a068e4b0fceb6de334d4">more investors now believe Greece could leave the eurozone over the next year</a>.</strong></p><p>He cites two reasons. </p><p>The budget numbers Athens reported for January were seriously off target, leaving ground to be made up if the primary budget surplus is to meet the level specified in Greece’s second bailout agreement. However, there is every reason to suppose that the budget numbers for February were just as bad as January’s, seeing that the political and financial uncertainty that dampened business activity in the first month of the year continued after Syriza’s 25 January election victory.</p><p>Trust between the Greek government and its creditors was damaged when Mr Varoufakis was reported to have described his agreement with the Euro Group on 20 February as a clever form of words. To his fellow finance ministers, his remark did not appear to signify the serious intent to take reforming measures that they had expected. More damaging still was Mr Tsipras’s claim last week that Spain and Portugal had formed a hostile axis against Greece. Both right-wing governments in those countries were, he said, fearful that, if Greece were granted concessions, their own voters would switch their allegiance to political parties ready to fight for similar treatment. While what Mr Tsipras said may very well be true, the breach of EU protocol will not be easily forgotten.</p><p>Mr de Guindos, Spain’s finance minister, spoke out of turn yesterday, claiming that the euro zone finance ministers were considering a €30bn-50bn third bailout package for Greece. Mr Dijsselbloem’s office has been unwilling to provide any confirmation that talks are under way on this matter; he wants to avoid complicating matters.</p><p>&quot;Come on <a href="https://twitter.com/hashtag/Tsipras?src=hash">#Tsipras</a>&quot; : brilliant <a href="https://twitter.com/hashtag/cartoon?src=hash">#cartoon</a> by <a href="https://twitter.com/georgopalis">@georgopalis</a> <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> <a href="https://twitter.com/hashtag/Spain?src=hash">#Spain</a> <a href="https://twitter.com/hashtag/Syriza?src=hash">#Syriza</a> <a href="https://twitter.com/hashtag/Podemos?src=hash">#Podemos</a> <a href="https://twitter.com/hashtag/Rajoy?src=hash">#Rajoy</a> <a href="http://t.co/SroajMtsEg">pic.twitter.com/SroajMtsEg</a></p><p class="block-time published-time"> <time datetime="2015-03-03T13:55:13.256Z">1.55pm <span class="timezone">GMT</span></time> </p><p>Greek financial news site Capital.GR reports that Yanis Varoufakis held a conference call with officials from Greece’s creditors today:</p><p>A teleconference btwn <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> FinMin and Costello, Mazuh, Goyal (troika), took place earlier today via <a href="https://twitter.com/capitalgr">@capitalgr</a> <a href="http://t.co/QfsbEpaTj1">http://t.co/QfsbEpaTj1</a></p><p>We should keep &quot;troika&quot; for tweeting purposes. <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a></p><p class="block-time published-time"> <time datetime="2015-03-03T13:09:36.376Z">1.09pm <span class="timezone">GMT</span></time> </p><p><strong>Time for a recap.</strong></p><p>It’s been another day largely dominated by Greece, after a new report found that almost 40% of investors expect at least one member of the eurozone to break away this year.</p><p>The development is driven by a clearly worsening assessment of investors concerning Greece....</p><p>Despite the solution which was found last week for Greece ever more investors expect the Mediterranean country to leave the euro soon.</p><p>As Greek rumblings continues ever more investors expect <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> to leave Euro. <a href="https://twitter.com/hashtag/Grexit?src=hash">#Grexit</a> risk at 37%, highest since '12 <a href="http://t.co/hlrDNMDaQT">pic.twitter.com/hlrDNMDaQT</a></p><p> “So far there is an agreement in principle, but have they really made substantial progress? I’m not so sure.... What we need is implementation, and for both sides to live up to expectations, and then we can become a bit more relax.”</p><p class="block-time published-time"> <time datetime="2015-03-03T12:43:33.914Z">12.43pm <span class="timezone">GMT</span></time> </p><p><strong>Syriza MP Costas Lapavitsas’ observation that Greece’s best hope, now, is to leave the euro [<a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f56b03e4b0fceb6de33479">see 8.11am post</a>] has not gone without comment in Athens.</strong></p><p>“Lapavitsas has built an entire career on the return of the drachma,” </p><p>“Yanis Varoufakis has found himself in a position of pressure that no Greek fiannce minister has found himself in for five years...</p><p>He is a good economist with a strong pedigree and wide experience of the world economy.” </p><p><a href="https://twitter.com/Hugodixon">@Hugodixon</a> Only I never said that Hugo.... Your Greek needs some brushing up (or better sources)</p><p class="block-time published-time"> <time datetime="2015-03-03T12:11:14.428Z">12.11pm <span class="timezone">GMT</span></time> </p><p><strong>Greek bonds have rallied this morning, pushing down the yield (or interest rates) on the debt.</strong></p><p>The yield on Greek 10-year bonds has dipped to 9.76%, from 9.9% last night, meaning its value has risen.</p><p>Greek bonds rally after talk of third bailout <a href="http://t.co/UjBnCIqLLl">http://t.co/UjBnCIqLLl</a></p><p class="block-time published-time"> <time datetime="2015-03-03T12:07:16.222Z">12.07pm <span class="timezone">GMT</span></time> </p><p>More from the Treasury committee..... </p><p>Carney admits the Bank's rep has &quot;taken a knock&quot; as a result of the forex rigging scandal. &quot;It hasn't been a pleasant experience&quot;.</p><p>Carney tells MPs the Bank has made &quot;fairly radical changes&quot; to the way it deals with market intelligence in light of forex rigging scandal</p><p class="block-time published-time"> <time datetime="2015-03-03T11:50:29.955Z">11.50am <span class="timezone">GMT</span></time> </p><p><strong>Factoid of the day: the number of takeovers involving UK companies has hit its lowest level since records began in 1987.</strong></p><p>That’s mainly due to a steady decline in the number of acquisitions of British companies by other UK firms in recent years. <a href="http://www.ons.gov.uk/ons/rel/international-transactions/mergers-and-acquisitions-involving-uk-companies/q4-2014/stb-m-a-q4-2014.html">More here</a>.</p><p>Total M&amp;A activity involving UK companies fell in 2014 to lowest numbers since records began <a href="http://t.co/hnwgv24ib1">http://t.co/hnwgv24ib1</a> <a href="http://t.co/iJx710QfHk">pic.twitter.com/iJx710QfHk</a></p><p class="block-time published-time"> <time datetime="2015-03-03T11:33:59.031Z">11.33am <span class="timezone">GMT</span></time> </p><p>Mark Carney has conceded that the Bank’s chief currency dealer, Martin Mallett, would probably have been fired over the FX scandal, if the BoE hadn’t found other reasons to dismiss him (<em>the day before its report was published....</em>)</p><p>Carney asked by MP Jesse Norman whether he would have fired Mallett on Grabiner findings alone. His answer (in short) was yes.</p><p>Carney says that if Mallett hadnt been fired for other violations, in his opinion, Mallett should've gone for not escalating forex issues</p><p>Mallett's 20 failings took place over an 8 year period according to Carney <a href="https://twitter.com/hashtag/bbcnews?src=hash">#bbcnews</a></p><p class="block-time published-time"> <time datetime="2015-03-03T11:24:16.619Z">11.24am <span class="timezone">GMT</span></time> </p><p>The European Union has reiterated that they’re not working on a third bailout for Greece (<em>as Spain’s finance minister suggested yesterday</em>).</p><p>EU SPOKESWOMAN SAYS WORK HAS NOT STARTED ON THIRD GREEK BAILOUT</p><p class="block-time published-time"> <time datetime="2015-03-03T11:17:30.676Z">11.17am <span class="timezone">GMT</span></time> </p><p>Governor Mark Carney is adamant that the Bank of England has seriously beefed up its market intelligence operations since it learned that foreign exchange traders had been manipulating the FX market:</p><p>Carney says BoE has improved professionalisation now e.g. Bank staff have 'escalated' 50 concerns, 40 of which have been referred to the FCA</p><p>Carney says Bank has improved market intelligence gathering approach. Separating the &quot;gossip&quot; from strategic issues.</p><p>Carney: Bank is expanding its market intelligence team from 10 full-time staff to 15.</p><p class="block-time published-time"> <time datetime="2015-03-03T11:10:19.321Z">11.10am <span class="timezone">GMT</span></time> </p><p><strong>After an early rally, the London stock market has subsided with the FTSE 100 up just 5 points.</strong></p><p>Barclays is now the biggest faller, down 3% after investors digest its drop in statutory pre-tax profits and new provisions for banking scandals.</p><p>Foreign exchange rigging fines weigh on Barclays results <a href="http://t.co/XqNIFyTP1t">http://t.co/XqNIFyTP1t</a></p><p>There is a sense of d&eacute;j&agrave; vu in London after the market got off to a strong start only to be brought back down to Earth by the commodity stocks. Taylor Wimpey shares hit a new seven-year high after the homebuilder more than doubled its dividend. The company kept up with its competitors by posting a steady increase in annual profits and a solid start to the spring selling season. The Help to Buy scheme and a more regulated mortgage market will keep the housebuilder happy. </p><p>Barclays registered a 12% increase in underlying pre-tax profits, but when you consider the provisions set aside for PPI and FX manipulation it swings to a 21% drop in profits. The bank may be at its strongest ‘since the financial crisis’ but the fines and provisions have detracted from the company’s balance sheet. Barclays’ capital structure isn’t under question, and as long as legal costs loom over the bank the share price will remain restricted. </p><p class="block-time published-time"> <time datetime="2015-03-03T10:48:09.771Z">10.48am <span class="timezone">GMT</span></time> </p><p>MPs now asking whether the terms of reference for Grabiner's review went far enough. Carney says he wasn't involved with striking terms.</p><p class="block-time published-time"> <time datetime="2015-03-03T10:46:58.581Z">10.46am <span class="timezone">GMT</span></time> </p><p><strong>Back in parliament, Bank of England governor Mark Carney has defended the official inquiry into its role in the foreign exchange-rigging scandal, led by Lord Grabiner.</strong></p><p>My colleague Angela Monaghan is tweeting the key points from the Treasury committee:</p><p>Carney defiant, insisting Grabiner review got to the &quot;heart of the matter&quot; on Bank's role in the forex scandal (not guilty of impropriety)</p><p>Carney defends the timing of the firing of its chief currency dealer Martin Mallett, a day before Grabiner report was published. 1/2</p><p>Carney says a review of e-mails and phone calls revealed a &quot;series of misjudgments&quot; by Mallett that could not be ignored. 2/2</p><p>Carney: Mallett's misjudgments incl sharing BoE docs externally, violation of IT policy, venturing personal opinions, inappropriate language</p><p class="block-time published-time"> <time datetime="2015-03-03T10:41:27.775Z">10.41am <span class="timezone">GMT</span></time> </p><p>Greece’s finance minister appeared to be in good spirits this morning, as he headed off to work:</p><p><a href="https://twitter.com/hashtag/Varoufakis?src=hash">#Varoufakis</a> blows kiss to passer by on his way to work - VIDEO - <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> - <a href="http://t.co/bT1Rg3qICi">http://t.co/bT1Rg3qICi</a> <a href="http://t.co/WBeSACvE9n">pic.twitter.com/WBeSACvE9n</a></p><p class="block-time published-time"> <time datetime="2015-03-03T10:39:06.081Z">10.39am <span class="timezone">GMT</span></time> </p><p><strong>Greece’s credit rating will be cut unless it agrees a long-lasting agreement with its partners over its funding needs, rating agency Fitch warned this morning.</strong></p><p>Greece needs to secure a “durable” aid agreement with the rest of the euro zone to avoid a further downgrade of its already sub-investment grade sovereign rating, one of Fitch’s top analysts said on Tuesday.</p><p>“We believe that an agreement will ultimately be reached between Greece and its European partners as Grexit would be costly for both parties. Failure to reach a durable agreement would lead to a rating downgrade,” Fitch’s head of EMEA sovereigns, Ed Parker, said in a question and answer session In the Reuters Global Markets Forum chatroom.</p><p class="block-time published-time"> <time datetime="2015-03-03T10:24:41.280Z">10.24am <span class="timezone">GMT</span></time> </p><p><strong>European factory gate prices have fallen for the fourth month in a row, Eurostat reports.</strong></p><p>The amount that firms were paid for their goods fell by 0.9% month-on-month in January, and were 3.4% lower than a year ago. </p><p>CHART: Luxembourg was only euro-area member with positive PPI reading in January. Energy prices continued to decline. <a href="http://t.co/51HD8iH4u8">pic.twitter.com/51HD8iH4u8</a></p><p>Underlying price pressures across the Eurozone look set to be limited for some considerable time to come<strong> </strong>because of the constraining effects of large output gaps in many countries following prolonged weak economic activity and still high unemployment.</p><p class="block-time published-time"> <time datetime="2015-03-03T10:06:35.206Z">10.06am <span class="timezone">GMT</span></time> </p><p><strong>Over in Athens, sources are telling our correspondent Helena Smith that “there is a good chance” the government will delay sending some draft laws aimed at alleviating Greece’s “humanitarian crisis” to parliament. </strong></p><p>The laws were due to be gradually presented this week. On Monday, the government unveiled the first of the reforms – providing food stamps, reconnection of disconnected electricity supplies and shelter – for 300,000 families mostly in the poorer suburbs of Athens. </p><p>Other bills, however, including the introduction of a new scheme for repayment of overdue taxes and security contributions and the re-opening of the public broadcaster, ERT – shut down by former prime minister Antonis Samaras in June 2013 – are not likely to be brought before the House until after next week’s euro group meeting in Brussels on Monday. </p><p class="block-time published-time"> <time datetime="2015-03-03T10:03:56.628Z">10.03am <span class="timezone">GMT</span></time> </p><p><strong>The House of Commons Treasury Committee is starting to question Bank of England governor Mark Carney about the BoE’s investigation into misconduct in the foreign exchange market. </strong></p><p class="block-time published-time"> <time datetime="2015-03-03T09:36:49.578Z">9.36am <span class="timezone">GMT</span></time> </p><p><strong>However....some UK construction firms did warn that uncertainty in the build-up to May’s general election may hit demand.</strong></p><p>First look at UK PMI suggests there is a lot to be positive about within UK construction. Election seen as potential blip to activity though</p><p class="block-time published-time"> <time datetime="2015-03-03T09:35:04.557Z">9.35am <span class="timezone">GMT</span></time> </p><p><strong>Just in: Britain’s construction sector racked up surprisingly strong growth last month.</strong></p><p>Markit’s Construction PMI, which measures activity across the sector, rose to 60.1 last month. That shows the fastest growth since October last year.</p><p>Markit/CIPS UK Construction PMI Feb: 60.1 (est 59; prev 59.1)</p><p>Go the UK ! Markit: Sharpest expansion of construction activity for four months <a href="https://twitter.com/hashtag/GBP?src=hash">#GBP</a> <a href="https://twitter.com/hashtag/GDP?src=hash">#GDP</a></p><p class="block-time published-time"> <time datetime="2015-03-03T09:29:16.997Z">9.29am <span class="timezone">GMT</span></time> </p><p><strong>The Athens stock market is outperforming the rest of Europe, up around 2% in early trading.</strong></p><p>That follows finance minister <a href="http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_03/03/2015_547818">Yanis Varoufakis’s pledge </a><a href="http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_03/03/2015_547818">to take six firm reform policies to Brussels next Monday</a>. Investors may also be calmed by his promise that Greece will do everything in its power to meet its March debt repayments.</p><p class="block-time published-time"> <time datetime="2015-03-03T09:15:39.941Z">9.15am <span class="timezone">GMT</span></time> </p><p>Our Athens correspondent, Helena Smith, tweets:</p><p><a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> deputy pm Giannis Dragasakis denies that technical teams from dreaded &quot;troika&quot; - oops &quot;institutions&quot; - in Athens tmr</p><p class="block-time published-time"> <time datetime="2015-03-03T09:03:37.177Z">9.03am <span class="timezone">GMT</span></time> </p><p><strong>The latest Spanish unemployment figures also suggest that Europe’s economy is reviving. </strong></p><p>The number of Spaniards out of work fell by 13,538 last month, or 0.3%, as factories and building firms took on more staff.</p><p>Key question: what conclusions will Spanish voters draw from contrast between Spain's recovery and Syriza-induced disaster in Greece?</p><p class="block-time published-time"> <time datetime="2015-03-03T08:55:05.845Z">8.55am <span class="timezone">GMT</span></time> </p><p><strong>German consumers hit the shops with remarkable vigour last month, in the latest signal that Europe’s largest economy is gaining strength.</strong><br /></p><p>German retail sales jumped by 2.9% month-on-month in January, the biggest jump since January 2008. </p><p>JPM calles the rise in German retail sales &quot;legendary&quot;: <a href="http://t.co/1pRLXnh9RA">pic.twitter.com/1pRLXnh9RA</a></p><p class="block-time published-time"> <time datetime="2015-03-03T08:50:21.396Z">8.50am <span class="timezone">GMT</span></time> </p><p>I forgot to link earlier, sorry, but here’s the Sentix survey:</p><p class="block-time published-time"> <time datetime="2015-03-03T08:41:23.893Z">8.41am <span class="timezone">GMT</span></time> </p><p>Here’s another chart from <a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates#block-54f55916e4b0b94b954397b6">this morning’s Sentix’s eurozone survey</a>, showing that fears of Greece leaving the eurozone are at their highest level since autumn 2012.</p><p>As Greek rumblings continues ever more investors expect <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> to leave Euro. <a href="https://twitter.com/hashtag/Grexit?src=hash">#Grexit</a> risk at 37%, highest since '12 <a href="http://t.co/hlrDNMDaQT">pic.twitter.com/hlrDNMDaQT</a></p><p class="block-time published-time"> <time datetime="2015-03-03T08:33:18.975Z">8.33am <span class="timezone">GMT</span></time> </p><p><strong>2014 was a good year for Barclays CEO Antony Jenkins.</strong></p><p>“On this occasion I judged it was right for me to take my bonus....Barclays today is a stronger business, with better prospects, than at any time since the financial crisis.</p><p class="block-time published-time"> <time datetime="2015-03-03T08:14:32.172Z">8.14am <span class="timezone">GMT</span></time> </p><p><strong>Europe’s banks will not be subjected to a full stress test this year. </strong></p><p>The European Banking Authority, which ran a health-check of the sector last autumn, announced the move (or non-move) this morning:</p><p>EuropeanBankingAuthority EBA decided not to carry out an EU-wide stresstest in 2015(next 2016) <a href="http://t.co/x2vm0IbB09">http://t.co/x2vm0IbB09</a> <a href="http://t.co/AJ924klQzx">pic.twitter.com/AJ924klQzx</a></p><p class="block-time published-time"> <time datetime="2015-03-03T08:11:04.549Z">8.11am <span class="timezone">GMT</span></time> </p><p><strong>Writing in the Guardian today, Syriza MP Costas Lapavitsas argues that Greece’s best hope of ending its deflationary economic spiral is to leave the euro.</strong></p><p>Lapavitsas warns that the next four months will be very tough for Athens as it tries to meet the demands of its lenders:</p><p>Tax income is collapsing, partly because the economy is frozen and partly because people are withholding payment in the expectation of relief from the extraordinary tax burden imposed over the last few years. The public purse will come under considerable strain already in March, when there are sizeable debt repayments to be made.</p><p>The most vital step is to realise that the strategy of hoping to achieve radical change within the institutional framework of the common currency has come to an end. The strategy has given us electoral success by promising to release the Greek people from austerity without having to endure a major falling-out with the eurozone. </p><p>Unfortunately, events have shown beyond doubt that this is impossible, and it is time that we acknowledged reality.</p><p class="block-time published-time"> <time datetime="2015-03-03T07:59:17.160Z">7.59am <span class="timezone">GMT</span></time> </p><p><strong>More investors expect the </strong><strong>eurozone to fracture over the next 12 months than at any time since the Cyprus bailout crisis of March 2013.</strong><br /></p><p>The Euro Break-up Index, calculated by German research group <strong>Sentix</strong>, jumped to a two-year high of 38% in February, from around 24% in January, with more investors predicting a Greek exit. </p><p>The development is driven by a clearly worsening assessment of investors concerning Greece....</p><p>Despite the solution which was found last week for Greece ever more investors expect the Mediterranean country to leave the euro soon.</p><p class="block-time published-time"> <time datetime="2015-03-03T07:58:00.167Z">7.58am <span class="timezone">GMT</span></time> </p><p><strong>Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone, and business.</strong></p><p>“We are negotiating a third rescue for Greece.”</p><p>“Euro zone finance ministers are not discussing a third bailout.” </p><p><a href="https://twitter.com/hashtag/Varoufakis?src=hash">#Varoufakis</a> on <a href="https://twitter.com/hashtag/enikos?src=hash">#enikos</a> : Greek <a href="https://twitter.com/hashtag/repayments?src=hash">#repayments</a> will be made in full - <a href="https://twitter.com/hashtag/Greece?src=hash">#Greece</a> <a href="https://twitter.com/hashtag/IMF?src=hash">#IMF</a> <a href="https://twitter.com/hashtag/bailout?src=hash">#bailout</a> <a href="http://t.co/9p9ZRAfeoV">http://t.co/9p9ZRAfeoV</a> <a href="http://t.co/MdDqg5CGxL">pic.twitter.com/MdDqg5CGxL</a></p><p>in athens, we're looking at the end of creative vagueness as finmin varoufakis says he'll go to monday's eurogroup with 6 proposed reforms</p><p>Barclays provides &pound;1.25bn for forex rigging investigations, another &pound;200m for PPI</p> <a href="http://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updates">Continue reading...</a>Eurozone crisisBusinessFinancial crisisEuroEconomicsGreeceBank of EnglandBarclaysTue, 03 Mar 2015 18:24:55 GMThttp://www.theguardian.com/business/live/2015/mar/03/eurozone-break-up-fears-greece-bank-of-england-live-updatesPhotograph: flickrProfessor Costas Lapavitsas. <a href="https://www.flickr.com/photos/53390373@N06/8008840666/">Photograph: /flickr</a>Photograph: flickrProfessor Costas Lapavitsas. <a href="https://www.flickr.com/photos/53390373@N06/8008840666/">Photograph: /flickr</a>Photograph: Louisa Gouliamaki/AFP/Getty ImagesThe Plaka neighborhood of Athens.Photograph: Yannis Behrakis/REUTERSThe ancient Greek temple of Erechtheion on the Acropolis hill, is silhouetted against the sunset in Athens.Photograph: Alkis Konstantinidis/REUTERSGreek national flags are displayed for sale at the entrance of a one Euro shop in Athens.Graeme Wearden2015-03-03T18:24:55ZRyanair: We are still not right yet, but we are getting therehttp://www.theguardian.com/business/2015/mar/03/ryanair-continues-friendly-changes-please-customers
<p>Airline vows to continue its flip from foe to friend with lower fees, price comparisons and a redesign of everything from uniforms to menus and cabins</p><p>Ryanair has pledged to continue its transformation into a passenger-friendly airline, introducing a customer charter to nail its promises to the cabin door. </p><p>As well as further reducing once-notorious fees, the Irish airline will introduce real-time price comparison on its website and list fees for other airlines, while allowing passengers to reserve fares and cancel bookings – for a charge. <br /></p> <a href="http://www.theguardian.com/business/2015/mar/03/ryanair-continues-friendly-changes-please-customers">Continue reading...</a>RyanairMichael O'LearyAirline industryBusinessIrelandEuropeTravel & leisureAir transportFlightsTravelTue, 03 Mar 2015 17:59:55 GMThttp://www.theguardian.com/business/2015/mar/03/ryanair-continues-friendly-changes-please-customersPhotograph: dpa picture alliance / Alamy/AlamyRyanair bosses have pledged to continue making the airline more customer friendly.Photograph: dpa picture alliance / Alamy/AlamyRyanair bosses have pledged to continue making the airline more customer friendly.Gwyn Topham, transport correspondent2015-03-03T17:59:55ZIgnore the ‘pro-business’ rhetoric: a pro-rich government is anti-business | Ha-Joon Changhttp://www.theguardian.com/commentisfree/2015/mar/03/pro-business-tax-avoidance-market-rigging
No party can claim to be ‘pro-business’ if it is soft on tax avoiders and market fixers – that only hurts other businesses<p>Despite the best efforts of some of its members to discredit it with market rigging, tax avoidance, and unjustified bonuses, the business community is still held in awe in Britain. Any suggestion of higher taxes for top earners or tougher regulations on the abuse of market power is howled down as dangerously <a href="http://www.theguardian.com/politics/2015/feb/06/labour-mansion-tax-50p-rate-fairer-society-anti-business" title="">anti-business</a>. Politicians who are serious about the nation’s prosperity and its citizens’ welfare, it is accepted, need to be “pro-business”.</p><p>But what does it mean to be <a href="http://www.theguardian.com/politics/2015/feb/08/labour-aggressively-pro-business-tristram-hunt" title="">pro-business</a>? First, we should not confuse a pro-business stance with a pro-rich stance. Not all rich people are business people, or “wealth creators”, as they are often called these days. Some of them have simply inherited vast sums of money, while others have created wealth elsewhere and are simply enjoying their lives in the UK.</p><p> <span>Related: </span><a href="http://www.theguardian.com/politics/2015/feb/15/tory-conservative-party-donor-funding">Tax avoiders and hedge funds. The Tories invited them to the party …</a> </p><p>We have allowed the idle rich to parade as wealth-creating, rule-breaking business people for far too long</p> <a href="http://www.theguardian.com/commentisfree/2015/mar/03/pro-business-tax-avoidance-market-rigging">Continue reading...</a>BusinessEconomic policyPoliticsConservativesTax avoidanceCorporate governanceExecutive pay and bonusesUK newsSocietyTue, 03 Mar 2015 17:16:48 GMThttp://www.theguardian.com/commentisfree/2015/mar/03/pro-business-tax-avoidance-market-riggingPhotograph: /Guardian'Under the influence of the pro-business rhetoric, we have often come to forget that the government has interests other than business to look after.' Illustration by Andrzej KrauzePhotograph: /Guardian'Under the influence of the pro-business rhetoric, we have often come to forget that the government has interests other than business to look after.' Illustration by Andrzej KrauzeHa-Joon Chang2015-03-03T17:16:48ZAdvertising is dead, says Saatchi & Saatchi guruhttp://www.theguardian.com/media/2015/mar/03/advertising-is-dead-says-saatchi-saatchi-boss-long-live-lovemarks
<p>Agency kingpin Kevin Roberts says future is all about creating a movement of people behind your brand – or lovemarks, as he calls them</p><p>Marketing is dead. Strategy is dead. Management is dead.</p><p>So says Kevin Roberts, the man who ran the UK’s most famous advertising firm Saatchi &amp; Saatchi for 17 years, until his recent move upstairs to become executive chairman.</p> <a href="http://www.theguardian.com/media/2015/mar/03/advertising-is-dead-says-saatchi-saatchi-boss-long-live-lovemarks">Continue reading...</a>Saatchi & SaatchiAdvertisingBusinessTue, 03 Mar 2015 17:00:41 GMThttp://www.theguardian.com/media/2015/mar/03/advertising-is-dead-says-saatchi-saatchi-boss-long-live-lovemarksPhotograph: Felix Clay/Felix ClayKevin Roberts, CEO Worldwide of Saatchi &amp; Saatchi. Photograph by Felix Clay Commissioned for CITYPhotograph: Felix Clay/Felix ClayKevin Roberts, CEO Worldwide of Saatchi &amp; Saatchi. Photograph by Felix Clay Commissioned for CITYSimon Goodley2015-03-03T17:00:41ZLocking up immigrants diminishes us all | Diane Taylorhttp://www.theguardian.com/commentisfree/2015/mar/03/locking-up-asylum-seekers-channel-4-yarls-wood-immigration-centre
The latest horrors exposed by Channel 4 at Yarl’s Wood immigration centre must spark wholesale change. Tinkering and business as usual is not acceptable<p>There was a lot of noise at Yarl’s Wood immigration removal centre in Bedfordshire on Monday evening as female detainees watched the <a href="http://www.channel4.com/news/yarls-wood-immigration-removal-detention-centre-investigation" title="">Channel 4 News undercover investigation</a> into conditions there. I contacted women at the centre just after the report was broadcast and could hear shouting and crying on the wing. The women expressed horror at the revelations, but at the same time joy that the attitudes of some staff had been exposed. In the footage, detainees were referred to as “black bitches”, “beasties” and “caged animals”. The investigation also found numerous incidents of self-harm and questionable standards of healthcare, including for pregnant women.</p><p>The detention centre, which has been controversial since it opened in 2001, is run by the private contractor Serco, which has suspended one member of staff in the wake of the revelations and is launching an independent review, saying: “We will not tolerate poor conduct or disrespect and will take disciplinary action wherever appropriate.” The Home Office has also ordered an investigation into the issues raised in the Channel 4 report.</p><p>Last year, 30,000 people were held in 11 immigration removal centres. Many had committed no crime</p><p> <span>Related: </span><a href="http://www.theguardian.com/uk-news/2015/jan/14/detention-female-asylum-seekers">Conference makes case for ending detention of female asylum seekers</a> </p> <a href="http://www.theguardian.com/commentisfree/2015/mar/03/locking-up-asylum-seekers-channel-4-yarls-wood-immigration-centre">Continue reading...</a>Immigration and asylumUK newsPoliticsSocietyChannel 4Television industryMediaSercoBusinessTue, 03 Mar 2015 16:55:45 GMThttp://www.theguardian.com/commentisfree/2015/mar/03/locking-up-asylum-seekers-channel-4-yarls-wood-immigration-centrePhotograph: Bryn Lennon/Getty ImagesYarl's Wood immigration removal centre. 'Over the last decade, evidence from a variety of independent sources about the dangers of immigration detention in its current form have mounted.' Photograph: Bryn Lennon/GettyPhotograph: Bryn Lennon/Getty ImagesYarl's Wood immigration removal centre. 'Over the last decade, evidence from a variety of independent sources about the dangers of immigration detention in its current form have mounted.' Photograph: Bryn Lennon/GettyDiane Taylor2015-03-03T16:55:45ZMapping the global battle to protect our planethttp://www.theguardian.com/global-development-professionals-network/2015/mar/03/mapping-environmental-protest-justice-defending-land
<p>A new project maps environmental protest across the world, powerfully visualising a growing movement</p><p> In 2012 protests erupted in Banja Luka, Bosnia and Herzegovina over the demolition of a much beloved local park to build a business complex. A movement under the slogan “<a href="http://ejatlas.org/conflict/the-park-is-ours-banja-luka-bosnia-and-herzegovina">This Park is Ours</a>” aimed originally at protecting the green space soon broadened into a collective movement aimed against corruption, lack of transparency, economic inequality and dwindling social services. Hundreds of protesters from all social classes and religions gathered daily in the endangered park, becoming part of a Bosnian spring that came to represent a struggle for human dignity and accountability under most articulated civic movement since the 1992-1995 war.</p><p>From Banja Luka to <a href="http://ejatlas.org/conflict/taksim-square-and-gezi-park-construction-works-turkey">Gezi Park</a>, Turkey to <a href="http://ejatlas.org/conflict/rosia-montana-romania">Rosia Montana</a>, Romania to the <a href="http://ejatlas.org/country/india">land wars across India</a>, social conflicts are increasingly playing out through battles around environmental resources and in defence of common land.</p><p> <span>Related: </span><a href="http://www.theguardian.com/global-development-professionals-network/2015/feb/11/brazil-drought-ngo-alliance-50-ngos-saving-water-collapse">Brazil drought: water rationing alone won't save Sao Paulo</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/feb/24/from-land-grabs-to-anti-union-behaviour-businesses-are-increasingly-being-held-accountable">From land grabs to anti union behaviour, businesses are increasingly being held accountable</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/global-development-professionals-network/2015/feb/25/shedding-light-on-human-rights-do-businesses-stand-up-to-scrutiny">Shedding light on human rights: do businesses stand up to scrutiny?</a> </p> <a href="http://www.theguardian.com/global-development-professionals-network/2015/mar/03/mapping-environmental-protest-justice-defending-land">Continue reading...</a>Global development professionals networkEnvironmentActivismProtestWorld newsEuropeEuropean UnionLawBusinessTue, 03 Mar 2015 15:08:31 GMThttp://www.theguardian.com/global-development-professionals-network/2015/mar/03/mapping-environmental-protest-justice-defending-landPhotograph: EJAtlasThe Atlas of Environmental Justice project tracks protests over natural resources.Photograph: EJAtlasThe Atlas of Environmental Justice project tracks protests over natural resources.Leah Temper in Barcelona2015-03-03T15:08:31ZTaxi firm Addison Lee to debut in New York after controversy in Londonhttp://www.theguardian.com/us-news/2015/mar/03/taxi-addison-lee-uber-new-york-controversy-in-london
<p>Company that sparked protests in the UK after founder’s comments about cyclist deaths will vie with Uber for control of New York City’s $3.4bn taxi market </p><p>Controversial London taxi firm Addison Lee is preparing to take on New York City’s famous yellow cabs, and go head-to-head with Uber, for control of the city’s $3.4bn taxi market.<br /></p><p>Addison Lee sparked protests in London after <a href="http://www.theguardian.com/uk/2012/apr/20/addison-lee-minicab-boss-cyclists">its multimillionaire founder said cyclist deaths were inevitable and often the cyclists’ own fault</a>.</p> <a href="http://www.theguardian.com/us-news/2015/mar/03/taxi-addison-lee-uber-new-york-controversy-in-london">Continue reading...</a>New YorkUS newsLondonUK newsWorld newsRoad transportBusinessUberTechnologyTue, 03 Mar 2015 14:39:20 GMThttp://www.theguardian.com/us-news/2015/mar/03/taxi-addison-lee-uber-new-york-controversy-in-londonPhotograph: Felix Clay/GuardianThe Addison Lee service centre in London.Photograph: Felix Clay/GuardianThe Addison Lee service centre in London.Rupert Neate in New York2015-03-03T14:39:20ZTop executives called in for grilling over knowledge of HSBC fileshttp://www.theguardian.com/business/2015/mar/03/top-bank-executives-questioning-over-hsbc-files
<p>Senior figures at bank including current BBC Trust chair Rona Fairhead ordered to appear before public accounts committee over Swiss operation<br></p><p>Senior HSBC executives, including the BBC Trust chair, Rona Fairhead, have been ordered to appear before MPs for a fresh hearing on the bank’s Swiss operation.</p><p>The public accounts committee, chaired by the Labour MP Margaret Hodge, has requested evidence at a hearing next Monday from a group of executives including the chief executive, Stuart Gulliver, the former head of HSBC’s global private banking division Chris Meares, and Fairhead, the former chair of the bank’s audit committee and current chair of its North American division.</p> <a href="http://www.theguardian.com/business/2015/mar/03/top-bank-executives-questioning-over-hsbc-files">Continue reading...</a>HSBCUK newsBankingEuropeBusinessPoliticsTue, 03 Mar 2015 13:51:07 GMThttp://www.theguardian.com/business/2015/mar/03/top-bank-executives-questioning-over-hsbc-filesPhotograph: Mike Segar/ReutersSenior HSBC executives have been summoned to appear before the public accounts committee.Photograph: Mike Segar/ReutersSenior HSBC executives have been summoned to appear before the public accounts committee.James Ball2015-03-03T13:51:07ZGoogle’s Titan drones to take flight within monthshttp://www.theguardian.com/technology/2015/mar/03/googles-titan-drones-to-take-flight-within-months
<p>Search company pushes plans to launch a fleet of high-altitude atmospheric satellites to provide internet access</p><p>Google will be conducting test flights of its first drones this year after purchasing unmanned aerial vehicle manufacturer Titan Aerospace.</p><p>The drones will be used as atmospheric satellites, part of Google’s plan to provide internet access to areas without ground-based access and the four billion people currently without access, its senior vice president of product, Sundar Pichai, revealed during Mobile World Congress in Barcelona.</p> <a href="http://www.theguardian.com/technology/2015/mar/03/googles-titan-drones-to-take-flight-within-months">Continue reading...</a>GoogleInternetTechnologyDrones (military)Mobile World CongressTelecomsTelecommunications industryBusinessTue, 03 Mar 2015 12:39:08 GMThttp://www.theguardian.com/technology/2015/mar/03/googles-titan-drones-to-take-flight-within-monthsPhotograph: Titan AerospaceGoogle’s Titan Aerospace drones will take flight this year.Photograph: Titan AerospaceGoogle’s Titan Aerospace drones will take flight this year.Samuel Gibbs2015-03-03T12:39:08ZLife after war: veterans turned successful entrepreneurshttp://www.theguardian.com/small-business-network/2015/mar/03/war-veterans-successful-entrepreneurs-military
<p>When a serviceman or woman leaves the military, the career possibilities available to them are endless</p><p> After a decade in the armed forces, including tours of Iraq and Afghanistan, Mike Curry broke his leg, forcing him to take a break from his career. While he was recovering, he patented <a href="http://www.unikurve.co.uk" rel="nofollow">UniKurve</a>, a compact mini multi-gym that can be carried over the shoulder. The idea was inspired by his experience of exercising in the desert, using outdated equipment, which encouraged him to be resourceful in his workouts. </p><p>As Curry found, entrepreneurship is a viable option for veterans, offering the opportunity to apply the skills developed in the army – resilience, ambition and leadership. </p><p> <span>Related: </span><a href="http://www.theguardian.com/small-business-network/2015/feb/27/uk-creative-industries-succeed-innovation">Does the UK do enough to help its creative industries succeed?</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/small-business-network/ng-interactive/2015/jan/21/entrepreneur-stories-risks-rewards-starting-business-interactive">Entrepreneur stories: the risks and rewards of starting a business</a> </p> <a href="http://www.theguardian.com/small-business-network/2015/mar/03/war-veterans-successful-entrepreneurs-military">Continue reading...</a>Entrepreneur stories - from the small business networkGuardian Small Business NetworkMilitaryIraqAfghanistanBusinessSmall businessEntrepreneursTue, 03 Mar 2015 11:50:04 GMThttp://www.theguardian.com/small-business-network/2015/mar/03/war-veterans-successful-entrepreneurs-militaryPhotograph: Mike CurryMike Curry in servicePhotograph: Soldier in BlueSoldier in Blue, on setPhotograph: Soldier in BlueSoldier in Blue, on setPhotograph: Steve Parsons/PAWar veterans have great leadership and teamwork skills.Photograph: Steve Parsons/PAWar veterans have great leadership and teamwork skills.Eleanor Ross2015-03-03T11:50:04ZBank of England warns of huge financial risk from fossil fuel investmentshttp://www.theguardian.com/environment/2015/mar/03/bank-of-england-warns-of-financial-risk-from-fossil-fuel-investments
<p>Global action on climate change could cause insurers’ investments in fossil fuels to take a huge hit, says bank’s prudential regulation authority</p><p>Insurance companies could suffer a “huge hit” if their investments in fossil fuel companies are rendered worthless by action on climate change, <a href="http://www.bankofengland.co.uk/publications/Pages/speeches/2015/804.aspx">the Bank of England warned</a> on Tuesday.</p><p>“One live risk right now is of insurers investing in assets that could be left ‘stranded’ by policy changes which limit the use of fossil fuels,” said Paul Fisher, deputy head of the bank’s prudential regulation authority (PRA) that supervises banks and insurers and is tasked with avoiding systemic risks to the economy.<br /></p> <a href="http://www.theguardian.com/environment/2015/mar/03/bank-of-england-warns-of-financial-risk-from-fossil-fuel-investments">Continue reading...</a>Fossil fuelsEnvironmentClimate changeBusinessBank of EnglandEnergyGlobal climate talksUK newsFossil fuel divestmentEconomicsTue, 03 Mar 2015 10:55:27 GMThttp://www.theguardian.com/environment/2015/mar/03/bank-of-england-warns-of-financial-risk-from-fossil-fuel-investmentsPhotograph: Anthony Devlin/PAThe deputy head of the Bank of England’s prudential regulation authority said: ‘investments in fossil fuels and related technologies ... may take a huge hit’.Photograph: Anthony Devlin/PAThe deputy head of the Bank of England’s prudential regulation authority said: ‘investments in fossil fuels and related technologies ... may take a huge hit’.Damian Carrington2015-03-03T10:55:27ZBank of England foreign exchange investigation too narrow, says MPhttp://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mp
<p>Jesse Norman commissions report into review by Anthony Grabiner QC, claiming it set very low tests for an inquiry into the scandal</p><p>The Bank of England has come under attack for failing to properly investigate its role in the rigging of foreign exchange markets.</p><p><a href="http://www.jesse4hereford.com/pdf/Opinion_Grabiner_Report_BoE_Forex.pdf">In a report commissioned by Jesse Norman</a>, the Conservative MP and a member of the Treasury select committee, a leading British barrister said the Bank set very low tests for its inquiry into the scandal.</p><p>I have commissioned an opinion from Charles Bear QC pro bono into the <a href="https://twitter.com/bankofengland">@bankofengland</a> Grabiner Inquiry. Strong stuff. <a href="http://t.co/QbAk86bj3W">http://t.co/QbAk86bj3W</a></p> <a href="http://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mp">Continue reading...</a>Bank of EnglandMark CarneyBankingFinancial sectorBusinessEconomicsCurrenciesUK newsTue, 03 Mar 2015 09:02:39 GMThttp://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mpPhotograph: Yuya Shino/ReutersJapanese yen and the US dollar exchange rates. Bank of England officials are to face MPs on Tuesday.Photograph: Yuya Shino/ReutersJapanese yen and the US dollar exchange rates. Bank of England officials are to face MPs on Tuesday.Angela Monaghan2015-03-03T09:02:39ZSilicon Valley pioneers and Michael Jordan join Forbes billionaires listhttp://www.theguardian.com/media/2015/mar/02/forbes-billionaire-list-2015-world-richest
<p>As list swells to 1,826 global billionaires, poverty charity Oxfam calls extreme inequality a ‘moral outrage’ as billions ‘go to bed hungry every night’</p><p>Silicon Valley created 23 new billionaires last year, including the founders of Uber, Airbnb and Snapchat, as the global elite increased its total wealth to $7tn.<br /></p><p>A total of 290 people were coined dollar billionaires in 2014, taking the number of global billionaires to a record 1,826, according to <a href="http://www.forbes.com/billionaires/list/#version:static">Forbes magazine’s annual rich list</a>, published on Monday. </p><p>Looking 4 entrepreneurial product mgr/biz-dev killer 4 a location based service.. pre-launch, BIG equity, big peeps involved--ANY TIPS??</p> <a href="http://www.theguardian.com/media/2015/mar/02/forbes-billionaire-list-2015-world-richest">Continue reading...</a>Forbes magazineBusinessWarren BuffettBill GatesUberMark ZuckerbergFacebookMicrosoftChinaAlibabaUS newsAsia PacificWorld newsRich listsTue, 03 Mar 2015 08:30:43 GMThttp://www.theguardian.com/media/2015/mar/02/forbes-billionaire-list-2015-world-richestPhotograph: Vincent Yu/APAlibaba’s Jack Ma is the world’s 33rd-richest person.Photograph: Vincent Yu/APAlibaba’s Jack Ma is the world’s 33rd-richest person.Photograph: Chuck Burton/APThe basketball legend’s net worth is estimated at $1bn, thanks in part to his investment in the Charlotte Hornets.Rupert Neate in New York2015-03-03T08:30:43ZAfternoon tea and eccentric chic: the US still loves British brandshttp://www.theguardian.com/small-business-network/2015/mar/03/eccentric-chic-us-loves-british-brands
<p>In the US, British qualities ignite the imagination and relay a sense of purpose without flashiness, says <strong>Timothy Pratt</strong></p><p>The success of the film <a href="http://www.imdb.com/title/tt2802144/" rel="nofollow">Kingsman: The Secret Service</a> was good news for Giles English, founder of the watch company <a href="http://www.bremont.com/chronometers" rel="nofollow">Bremont Chronometers</a>. After all, the film’s hero Harry Hart, played by Colin Firth, wears one of his watches while busy saving the world. Reserved, elegant and clever, Firth’s character reinforces much of what is British about Bremont’s brand – which should help when the company opens its first US store in New York this month.</p><p>Many analysts agree that the American consumer has positive impressions of British goods and services. According to Michael Czinkota, who teaches international business and trade at <a href="http://www.georgetown.edu/" rel="nofollow">Georgetown University</a>, Americans definitely have a soft spot for the British. “There is a perceived high level of quality, history, tradition [and] luxury,” he says.<br /></p><p>Having ‘Made in Britain’ on your products often means you can sell for a higher price</p><p> <span>Related: </span><a href="http://www.theguardian.com/small-business-network/2015/feb/12/how-secure-funding-us-investors-businesses">How to secure funding from US investors</a> </p> <a href="http://www.theguardian.com/small-business-network/2015/mar/03/eccentric-chic-us-loves-british-brands">Continue reading...</a>Exporting to new marketsGuardian Small Business NetworkBusinessSmall businessTue, 03 Mar 2015 07:30:11 GMThttp://www.theguardian.com/small-business-network/2015/mar/03/eccentric-chic-us-loves-british-brandsPhotograph: Graham Turner/GuardianAmericans feel that British products have an ‘emotional pull to history’.Photograph: Graham Turner/GuardianAmericans feel that British products have an ‘emotional pull to history’.Timothy Pratt2015-03-03T07:30:11ZConstruction industry in plea to retain migrant workershttp://www.theguardian.com/business/economics-blog/2015/mar/03/construction-industry-plea-retain-migrant-workers
<p>Chartered Institute of Building enters immigration debate, urging politicians to protect the long tradition of migrant work in UK construction </p><p>From ancient Egypt to Germany in the 1980s and beyond, the construction industry has always relied on migrant workers. So says a leading trade body as it enters the immigration debate with a plea to politicians to resist any rash changes to Britain’s borders.</p><p>The Chartered Institute of Building (<a href="http://www.ciob.org/">CIOB</a>) is warning that tight regulation of migration would damage construction activity in the UK. However, it also acknowledges a longstanding industry failure to train UK workers, particularly young people.</p><p>Globally, construction has always relied on migration to fill in gaps in the labour market – simply cutting off the supply of migrant workers risks seriously damaging the UK’s economic prospects both at home and abroad.</p><p>But of more importance is the need to address the fact that the industry simply does not train its own people in sufficient numbers. There can be no excuses for construction not to provide more training opportunities for young UK nationals.</p><p>A typical UK construction worker is now aged between 40 and 50. History suggests retirement from construction rises rapidly among 50-year-olds.</p><p>Ancient Egyptian pyramid builders were migrants (not slaves) from towns throughout Egypt. Thriving today, Boulder City in Nevada, US, was born in the 1930s as migrant workers arrived to build the Hoover Dam. When in the past Britain has struggled to find construction workers, it turned to Ireland. The Irish duly became an integral part of this nation’s industry.</p><p>Importantly, Britain has a history exporting construction talent and the industry has long attracted those with wanderlust. Foreign shores have offered a lifeline to UK workers facing recession at home, as captured in the sitcom Auf Wiedersehen Pet. During the 1980s recession, unemployed British construction workers took flight to Germany and again in the 1990s when German reunification fuelled a building boom as UK construction slumped. </p><p>Local labour markets can provide a fairly steady level of underlying construction activity within reasonable travel-to-work distances for many workers. But the workforce needed for major or highly specialised projects is seldom met by the local labour market. This means the industry needs a highly flexible, in part itinerant, workforce to call on. </p><p>This local volatility is exacerbated by the boom and bust nature of construction activity, caused in part by what economists would describe as the accelerator effect, whereby fluctuations in the broad economy tend to be amplified in the construction sector ... Data shows that construction is highly sensitive to changes in GDP.</p> <a href="http://www.theguardian.com/business/economics-blog/2015/mar/03/construction-industry-plea-retain-migrant-workers">Continue reading...</a>Construction industryBusinessImmigration and asylumMigrationUnemploymentTue, 03 Mar 2015 06:00:09 GMThttp://www.theguardian.com/business/economics-blog/2015/mar/03/construction-industry-plea-retain-migrant-workersPhotograph: Adam Jones/Adam Jones/CorbisThe Pyramids of Giza. The construction trade body says its industry has links with migrant work going back millennia.Photograph: Adam Jones/Adam Jones/CorbisThe Pyramids of Giza. The construction trade body says its industry has links with migrant work going back millennia.Photograph: Anthony Devlin/PAThe Crossrail project. The CIOB report says more investment in infrastructure and other construction projects would ‘reduce the stresses on the community created by migration’.Photograph: Anthony Devlin/PAThe Crossrail project. The CIOB report says more investment in infrastructure and other construction projects would ‘reduce the stresses on the community created by migration’.Photograph: ITV/Rex FeaturesThe 1980s TV show Auf Wiedersehen Pet captured the story of British construction workers moving to Germany for jobs.Photograph: ITV/Rex FeaturesThe 1980s TV show Auf Wiedersehen Pet captured the story of British construction workers moving to Germany for jobs.Katie Allen2015-03-03T06:00:09ZUK climbs women-in-work rankingshttp://www.theguardian.com/business/economics-blog/2015/mar/03/uk-climbs-women-in-work-rankings
<p>Improvement in proportion of working women boosts UK’s ranking in PwC index, but Nordic countries still lead</p><p>The UK has moved up a “women in work” league table after the economic recovery helped cut female unemployment, but it still lags well behind Nordic countries when it comes to overall empowerment of women in the workplace.</p><p>The UK is at its <strong>highest position since 2000</strong> on the <a href="http://www.pwc.co.uk/the-economy/publications/women-in-work-index.jhtml">Women in Work Index</a> from consultants PwC. It ranks <strong>14th out of 27 developed economies</strong>, up four places on a year ago.</p><p>The reality for many flexible workers is that they have to work harder for promotion and don’t progress as quickly. The decision to go part-time is often made for short-term reasons, but unfortunately for women it often seems to have a wider, long-term negative impact.</p><p>The Shared Parental Leave policy, which comes into force in April, is a step in the right direction but the UK’s cultural perception of gender equality needs to catch up with such changes in policy. Some of the reasons the Nordic countries top the index is down to the recognition that all individuals should be able to balance their career and family life, and to support themselves.</p><p>Southern European countries such as <strong>Greece</strong> and <strong>Italy</strong> at the bottom of the index are still struggling to improve their performance since the fallout from the economic crisis.</p> <a href="http://www.theguardian.com/business/economics-blog/2015/mar/03/uk-climbs-women-in-work-rankings">Continue reading...</a>BusinessEconomicsPayUK unemployment and employment statisticsEqualityGenderWork & careersUnemployment and employment statisticsFamily financesUK newsTue, 03 Mar 2015 00:01:01 GMThttp://www.theguardian.com/business/economics-blog/2015/mar/03/uk-climbs-women-in-work-rankingsPhotograph: AlamyThe UK has narrowed its gender pay gap, but the latest PwC Women in Work Index warns there is more work to do.Photograph: AlamyThe UK has narrowed its gender pay gap, but the latest PwC Women in Work Index warns there is more work to do.Katie Allen2015-03-03T00:01:01ZMedium-sized UK firms add more to economy than German peers – reporthttp://www.theguardian.com/business/2015/mar/02/medium-sized-uk-firms-add-more-economy-than-german-peers-report
<p>Lauded Mittelstand companies make up 16.3% of economic activity in Germany, whereas comparable businesses in Britain account for 17.2% domestically</p><p>Britain’s engine room of medium-sized manufacturing and service companies are more than a match for the <a href="http://www.economist.com/news/business/21606834-many-countries-want-mittelstand-germanys-it-not-so-easy-copy-german-lessons">German Mittelstand</a> that is lauded by politicians and business leaders as the template for economic growth, according to a study by HSBC.</p><p>The UK’s “Brittelstand” of middle-market companies with a turnover of more the $50m (&pound;33m) but less than $500m (&pound;325m) make up 17.2% of economic activity, compared with 16.3% in Germany and 13.2% in the US, the study found.</p> <a href="http://www.theguardian.com/business/2015/mar/02/medium-sized-uk-firms-add-more-economy-than-german-peers-report">Continue reading...</a>BusinessEconomic growth (GDP)EconomicsMon, 02 Mar 2015 21:15:16 GMThttp://www.theguardian.com/business/2015/mar/02/medium-sized-uk-firms-add-more-economy-than-german-peers-reportPhotograph: Piero Cruciatti/RexInvesting in new equipment is key to the success of mid-sized firms, the study suggests.Photograph: Piero Cruciatti/RexInvesting in new equipment is key to the success of mid-sized firms, the study suggests.Phillip Inman, economics correspondent2015-03-02T21:15:16ZWells Fargo caps subprime car loans to 'responsibly' manage riskhttp://www.theguardian.com/business/2015/mar/02/wells-fargo-caps-subprime-car-loans
<p>Fourth biggest bank in US will cap car loans to people with poor credit history at 10% of its loan book amid worries over booming business for Wall Street</p><p>Worries over a new boom in subprime lending were raised on Monday when Wells Fargo, the country’s fourth-biggest bank, announced plans to cap car loans to people with poor credit history – a booming moneyspinning area for Wall Street.</p><p>Wells Fargo, which avoided many of the worst subprime loans that sparked the 2008 financial crisis, said on Monday that it would cap subprime car loans at 10% of its loan book. </p> <a href="http://www.theguardian.com/business/2015/mar/02/wells-fargo-caps-subprime-car-loans">Continue reading...</a>Wells FargoBusinessBankingMon, 02 Mar 2015 21:00:48 GMThttp://www.theguardian.com/business/2015/mar/02/wells-fargo-caps-subprime-car-loansPhotograph: Rick Wilking/ReutersWells Fargo, which avoided many of the worst subprime loans that sparked the 2008 financial crisis, says it is simply formalising existing practice.Photograph: Rick Wilking/ReutersWells Fargo, which avoided many of the worst subprime loans that sparked the 2008 financial crisis, says it is simply formalising existing practice.Rupert Neate in New York2015-03-02T21:00:48ZWelcome drop in eurozone deflation and unemployment figureshttp://www.theguardian.com/business/2015/mar/02/drop-eurozone-deflation-unemployment
<p>Prices across region fall 0.3% compared with 0.6% in January, while jobless total slips from 11.3% to 11.2%<br></p><p>The threat of deflation eased across the eurozone in February following a bounce back from heavy price discounting and steeply declining oil prices during the previous month. The 19-member currency bloc saw prices drop 0.3% last month compared with a drop of 0.6% in January, alleviating fears of an alarming deflationary spiral.</p><p>Unemployment also fell slightly to give Brussels a double dose of mildly positive economic news ahead of the European Central Bank’s meeting later this week in Cyprus, where it is expected to give further details of a €1.1tn stimulus programme.</p> <a href="http://www.theguardian.com/business/2015/mar/02/drop-eurozone-deflation-unemployment">Continue reading...</a>DeflationUnemployment and employment statisticsUnemploymentEconomicsManufacturing dataManufacturing sectorEurozone crisisFranceGermanyItalyGreeceCyprusEuropean UnionBusinessMon, 02 Mar 2015 20:14:51 GMThttp://www.theguardian.com/business/2015/mar/02/drop-eurozone-deflation-unemploymentPhotograph: Bloomberg/Getty ImagesThe Airbus A380 assembly line in Toulouse, France. The French manufacturing PMI fell to 47.6 last month.Photograph: Bloomberg/Getty ImagesThe Airbus A380 assembly line in Toulouse, France. The French manufacturing PMI fell to 47.6 last month.Phillip Inman economics correspondent2015-03-02T20:14:51Z